The Bitcoin Futures contract proposed by Intercontinental Exchange backed startup, Bakkt, may not go live at the end of the month, but that has not stopped the firm from making its first acquisition this week.
On Monday, CEO Kelly Loeffler disclosed in an announcement that Bakkt was acquiring “certain assets” which belonged to an independent futures commission merchant called, Rosenthal Collins Group (RCG).
The unnamed assets are expected to help Bakkt improve risk operations and treasury activities on there soon to be launched exchange. Additionally, the announcement outlined that the assets will improve anti-money-laundering/know-your-customer compliance on their platform.
While speaking on the significance of the acquisition with regards to Bakkt’s continued wait for regulatory approval to launch their futures exchange, Loeffler wrote,
“This acquisition underlines the fact we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets. Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.”
The acquisition deal will be finalized at the end of the month, although it will have no impact on the previously announced date for Bakkt to launch their Bitcoin Futures contract.
When Will Bakkt Bitcoin Futures Launch?
We understand that the startup will no longer meet up with January 24, 2019, timeline that was announced late last year.
The reason for this is that the U.S Commodity and Futures Trading Commission (CFTC), which will approve the offering is yet to begin a mandatory 30-day comment period that will lead up to a possible acceptance or rejection of the contract.
So, Bakkt will likely announce a new estimated launch date for their Bitcoin Futures which will still be subject to amendment if the regulators fail to give a green light.
Meanwhile, we earlier reported that a subsidiary of crypto exchange, Coinfloor plans to launch a Bitcoin Futures offering before the end of Q1.